Annual commerce hole of Morocco declined by 7.3% to 286 billion dirhams ($28.6 billion) in 2023 pushed by a drop in vitality imports and better tourism income, the overseas alternate regulator stated in a month-to-month report.
Imports fell 2.5% from a yr earlier to 715 billion dirhams, whereas exports elevated by 0.2% to 429 billion dirhams, the regulator stated, including that remittances from Moroccans overseas and automotive trade exports additionally helped to enhance the commerce deficit.
Morocco’s vitality imports dropped 20.4% to 122 billion dirhams after a drop each in demand and costs within the worldwide market.
Wheat imports stood at 19.3 billion dirhams, down 25.3%, whereas ammoniac imports – key for fertilizer manufacturing – fell by 58% to eight.8 billion dirhams.
Morocco, which has the world’s largest phosphate reserves, reported a 34% lower in exports of the mineral and its derivatives, together with fertilizers, to 76 billion dirhams.
Home to Stellantis and Renault manufacturing crops, Morocco reported a greater than 27% acquire in automotive sector exports to a file 141 billion dirhams.
Tourism income additionally scaled new peaks, leaping 11.7% to 104 billion dirhams from a file 14.5 million guests to the nation final yr.
Key to Morocco’s influx of arduous forex, remittances from Moroccans overseas reached a file 115 billion dirhams, up 4% from 2022.
Source: www.dailysabah.com